Sterling Capital GroupSterling Capital Group (SCG), through their Development
Equity Partnership Program (DEPP) is helping to forge a new future by financially
empowering developers to build tomorrows projects today.
SCG is well positioned to meet the ever increasing demand for equity capital
in the Romanian real estate market. The Sterling Capital Group Development
Equity Partnership Program includes the four elements considered key to
any successful investment program of this kind.

The Right PartnersIn conjunction with our primary debt financing partners,
SCG participates with experienced investors and developers who have proven
track records and the financial strength to successfully meet their obligations.

The Right ProjectsEach project and developer is subject to a stringent
underwriting and due diligence process to maximize the security of capital
and secure the return on investment.
The long term viability of a proposed project is evaluated using a variety
of evaluation criteria including multi-year operating performas, development
and cost estimates, third party lease and sales comparables, financing
commitments, and exit strategies.

The Right TimeRomanian real estate is now becoming the focus of
many international developers, construction companies and banks. The main
reasons include, the establishment of real estate and consumer lending,
the finalization of title and land repatriation issues, the stability
of the Romanian Government, and its commitment to catch-up with Central
European Countries in advance of EU membership in 2007. As a result, Romania’s
economic performance is noticeably improving.

The enlargement of the European Union (EU) presents exciting opportunities
for countries such as Romania. Gaining full EU membership will give Romania
greater political stability and a more robust economy. Once Romania becomes
a member state, property prices nationwide will enjoy an even greater
upward trend as EU membership brings greater economic stability.

The Right Place
The Romanian real estate development industry is only in its infancy primarily
due to the fact that traditional debt financing, clear title, and western
style legal protections have only recently come into being. Previously,
development had been slowed by the high cost of domestic credit, and more
importantly, the general lack of its availability.

Despite those issues, a number of large scale international
class developments have already been realized including the creation of
the World Trade Center, the Bucharest Mall, Plaza Romania, Bucharest Financial
Plaza and the JW Grand Marriott Hotel (the only JW Marriott in Europe).

In the coming years the industry will quickly mature, and
in so doing, Romanian real estate will attract an ever increasing number
of high profile international investors. This will prove to be an interesting
and exciting time for all.